SINGAPORE (Reuters) – Cryptocurrency Ether boosted earnings to a new all-time high on Tuesday after surpassing $ 3,000 for the first time a day earlier as investors gambled on its growing utility.
At the beginning of Asian trading, it traded on the bitstamp exchange to $ 3,457.64, which means a session growth of about 17%.
Traders attribute the profit – which is around 365% year to date – to the lag behind Bitcoin’s late 2020 jump and to the Ethereum blockchain update that makes it more useful.
The Ether / Bitcoin cross rate on Tuesday was the highest in more than two and a half years, while Bitcoin remained stable at $ 57,295.
Tom Westbrook Reporting; Edited by Kim Coghill